It’s Closing Time, What to Expect!

Buying or selling real estate in the near future? Here’s a few things to consider!

Ever wonder why a title company is typically part of your real estate transaction? Although you may only see them once in the transaction – at closing – believe us, a good title company plays a pretty crucial role in the success of buying or selling real estate! They facilitate the closing with both the seller and the buyer, file and properly record documents, work with your lender and insurance companies, review your title commitment and issue your title insurance. Arguably the glue to your transaction, title companies generally play the neutral party in your real estate transaction.

businesswoman outside officeSome of the most frequently asked questions about title and closing are answered below. We’re all about helping you understand the “why” behind the what.

Why is title insurance needed? Like possessing the title of your car means you own it, possession of a clear title of a property means it’s yours, right? Well… let’s hope so! Title insurance provides a layer of protection to your right of ownership. In other words, if someone approached you with claim to the title of your property, you’d want some assurance that they couldn’t possibly have a case, right? From unknown heirs, forged signatures on deeds, liens, fraudulent or innocent documentation errors, title companies provide a necessary blanket of protection to you through the issuance of a title insurance policy. Title insurance isn’t just something YOU will want, but you guessed it, your mortgage lender is going to require it as they too will want their interest in your property protected. Bottom line: Title insurance protects buyers from loss of value from defects to the title of real property.

How and when do you pay for it and how often? How long does my policy last? Thankfully title insurance is typically a one-time premium paid at the closing table, in the form of a typical closing cost. Your policy will last throughout your entire ownership of the property and will be passed along to your heirs.

Closing costs? What are they? Closing costs are considered all the costs required to close your transaction and will vary per party in the transaction.

AS-IS PC

Your FAR BAR As-Is Purchase Contract has a neat break down of who can expect to pay what at closing time, but usually it will include everything from the balance of your down-payment, loan origination fees, discount points, to pro-rated taxes and agent fees, etc. It’s a good idea to shop around a few recommended lenders so you can estimate what you’ll be paying in closing costs ahead of time, like before putting in an offer on a home with your agent! Also, before closing, be on the look out for a closing disclosure with the numbers ready for your review. You’ll want to communicate with your agent to make sure the title company’s calculations of credits and debits are correct per the agreed upon terms outlined in the contract.

What forms of payment are accepted for deposits (earnest money) and closing? Cash or credit cards are never acceptable forms of payments. Limitations and restrictions apply to personal checks, money orders, and cashier’s checks. Wires are always accepted and most common, however, be aware of a rise in wire fraud in recent years. Check out our WIRE FRAUD PREVENTION NOTICE and always remember to call the title company to confirm wire instructions. Hackers are getting sophisticated by hacking email accounts and sending incorrect wire instructions to their accounts while you unsuspectingly assume it was sent by your agent or the title rep. Again, always call and speak to the title company before wiring any funds.

We hope you find this information helpful.  If you’re looking to buy or sell a home in the near future, our team of knowledgeable Realtors will provide you with the service you’re in search of. NextHome Discovery promises to make your real estate experience memorable. We’re reliable, informed, and trustworthy. Don’t just take our word for it either… See for yourself. Contact us today!

Children's Cancer Center

NHD Empower Tour of The Children’s Cancer Center this Friday

Every quarter, we take our NextHome Discovery agents on a tour of a local non-profit. We call these our NHD Empower Tours. We open up these tours to all local Realtors and affiliates as we ALL benefit by being aware of all the needs and resources in our community so that we can find ways of getting involved and EMPOWERING others.

As part of this quarter’s NHD Empower Tour we are scheduled to tour the Children’s Cancer Center on Friday, April 21st ( http://childrenscancercenter.org/) to raise awareness on how they are serving families of children who have cancer or chronic blood disorders… And how best we can get involved.

The tour is scheduled for 10am and should be wrapped up by 11am. We welcome you to join us this Friday.

PLEASE RSVP to Heather@DiscoverYourPlace.com to let us know if you can attend!

NHD EMPOWER TOUR_APRIL 21 2017

Why It’s So Important to Get Pre-approved BEFORE House-hunting: Mortgage Minute with Gershman Mortgage

If you aren’t planning on paying cash for your new home in Tampa Bay, we HIGHLY recommend getting pre-approved with a responsive, reputable lender prior to your home search. We are currently in a seller’s market where, depending on the price point, homes don’t sit on the market too long. It is imperative we present a strong offer with your pre-approval letter in hand when in a multiple-offer situation. This leverage puts you at the front of the line and gives the home seller confidence the transaction will go through without any issues due to financing. Check out this quick video below by Doug Smith with Gershman Mortgage and feel free to reach out to them at the contact info below so we can get started with your search to find a beautiful new home here in Tampa Bay!

Gershman Mortgage: 813-644-4278 | https://www.gershman.com/florida/ |  Ask for Doug Smith or Bryan Marx … and tell them we sent ya!

 

Open Houses 101: How to Market

Open Houses are a great marketing tool for real estate agents to get exposure on their listings, and ultimately for home sellers to get their listed homes sold! For agents, it’s the perfect time for neighbors to help you sell your listing by word of mouth because neighbors love living near their best friends, and not to mention, it really shows your clients you mean business!  Impress everyone with your successful open house, using the opportunity to showcase your business and your brand to current clients and potential clients who might stop in. It’s all about setting yourself apart from the others.

You know it’s true, this shouldn’t be new news! So why are your open houses tanking it? Great question!

Jason Jakus shows us how to successfully move from a handful of people attending your open houses to pulling in 15-40 people to your one open house! He emphasizes the importance of having a system, which initially may seem time consuming, but proves worth it with proper set-up and implementation.

 

 

P.S. If you are looking for a brokerage that can help you with technology and techniques to help build exposure for your business, we’d love to chat! Visit us at www.ThisIsMyNextHome.com or send us an email at connect@DiscoverYourPlace.com to learn more!

A Better Way to Find and Convert Leads

Leads, leads, leads… They’re our lifeline as licensed real estate professionals! Chris Smith, the co-founder of Curaytor, dubs “how to convert them, where to find them, and what to do with ‘luke-warm’ leads” among the top topics on every real estate professional’s mind.

If this is where your mind drifts between one appointment and the next, this short video may be of some use to you. Besides his upbeat attitude, you’ll hear Chris remind you of some best practice “to-do’s” and also some ‘new’ practice “must-do’s” with the recent explosion of Facebook as a viable source for generating leads.

“Getting leads from the right sources will lead to ones that convert sooner rather than later.” Thanks for the information Chris!

 

P.S. If you are looking for a brokerage that can help you stay on top of your leads with one hub to access a network of services, from marketing, training, and business tools, we’d love to chat! Visit us at www.ThisIsMyNextHome.com or send us an email at connect@DiscoverYourPlace.com to learn more!